Nov 19, 2015

USU Software AG reports nine-month figures and significant growth in sales and earnings

  • Sales increase of 15% in Q3 2015 thanks to strong product business
  • EBIT up 13% on previous year in reporting quarter – adjusted EBIT climbs 15%
  • Group headcount rises to 493 employees
  • Management Board confirms planning for year as a whole

Möglingen, November 19, 2015 – USU Software AG (ISIN DE000A0BVU28) increased its sales (IFRS) by 15% to EUR 16.0 million in the third quarter of 2015 (Q3 2014: EUR 13.9 million). This growth results primarily from consistently strong license business for software products in Germany and abroad. Given the only slight expansion of the cost base, USU increased its earnings significantly. USU’s EBITDA therefore climbed by 14% to EUR 2.0 million (Q3 2014: EUR 1.8 million). EBIT improved from EUR 1.2 million in the third quarter of 2014 to EUR 1.4 million in Q3 2015, an increase of 13%. USU increased its consolidated net profit (IFRS) by 48% as against the previous year to EUR 2.0 million in the reporting quarter (Q3 2014: EUR 1.4 million), resulting in earnings per share of EUR 0.19 (Q3 2014: EUR 0.13).

Adjusted for extraordinary effects relating to acquisitions, adjusted EBIT amounted to EUR 1.8 million in the third quarter of 2015 (Q3 2014: EUR 1.6 million), corresponding to growth 15% as against Q3 2014. By contrast, adjusted consolidated earnings declined by 13% from EUR 1.8 million in Q3 2014 to EUR 1.6 million in the reporting quarter. Adjusted earnings per share declined slightly to EUR 0.16 (Q3 2014: EUR 0.18).

USU’s consolidated sales climbed by 10% in the first nine months to EUR 46.0 million (Q1-Q3 2014: EUR 41.5 million). As a result of the significant expansion of high-margin product business combined with only a moderate rise in costs, the USU Group achieved a significant improvement in earnings year-on-year in the first nine months of fiscal year 2015. Thus, USU’s EBITDA was up by almost 35% as against the previous year at EUR 5.6 million (Q1-Q3 2014: EUR 4.1 million), while EBIT rose to EUR 3.9 million (Q1-Q3 2014: EUR 2.5 million) and thereby by 58% over the same period. USU’s consolidated earnings (IFRS) improved from EUR 2.3 million in the previous year to EUR 4.4 million in the period under review, an increase of 89%. Earnings per share amounted to EUR 0.42 in the first nine months (Q1-Q3 2014: EUR 0.22). The USU Group’s adjusted EBIT climbed by 31% year-on-year in the reporting period to EUR 4.7 million (Q1-Q3 2014: EUR 3.6 million). At the same time, USU increased its adjusted consolidated earnings by 26% as against the previous year to EUR 4.4 million (Q1-Q3 2014: EUR 3.5 million). The USU Group’s adjusted earnings per share rose to EUR 0.42 (Q1-Q3 2014: EUR 0.34).

Despite the final earn-out payment for the acquisition of BIG, the purchase price payment for the buyout of SecurIntegration GmbH and the dividend payment, cash and cash equivalents declined only slightly as of September 30, 2015 to EUR 16.4 million (December 31, 2014: EUR 18.9 million). 
At the same time, the equity of the USU Group rose to EUR 56.8 million (December 31, 2014: EUR 55.6 million). Liabilities declined to EUR 26.1 million (December 31, 2014: EUR 29.6 million). With total assets of EUR 82.9 million (December 31, 2014: EUR 85.2 million), the equity ratio rose from 65.3% as of December 31, 2014 to 68.5% as of September 30, 2015.

Thanks to the positive order situation, USU was able to further increase the Group’s headcount to 493 (September 30, 2014: 450). In view of the consistently strong Product Business in Germany and abroad, the orders already on hand of EUR 35.2 million (September 30, 2014: EUR 27.2 million) and the current forecast, the Management Board is reiterating its planning for the USU Group. It is therefore anticipating an increase in consolidated sales to between EUR 65 and EUR 68 million in fiscal year 2015, together with a strong rise in adjusted EBIT to between EUR 8.5 and EUR 9.5 million.

With international business still flourishing, good potential on the core German market and the growth-oriented acquisition policy of the USU Group, the Management Board is also reiterating the successful implementation of its medium-term planning of sales of more than EUR 100 million with an adjusted EBIT margin in excess of 15% by 2017.

The full nine-month report for 2015 is available for download on the USU Software AG website at www.usu-software.de. The Management Board of the company will present further information at the analyst and investor conference, “German Equity Forum 2015” at 3.30 p.m. on November 24, 2015 at the Sheraton Frankfurt Airport Hotel and Conference Center (Hugo-Eckener-Ring 15, 60594 Frankfurt/Main), Madrid room.

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